INSURER RSA gave its former chief executive Andy Haste a 27 per cent pay rise for 2011 – despite him leaving the firm at the end of last year.
Haste’s pay packet hit £2.77m last year, up from his 2010 remuneration of £2.18m. He was also awarded various long-term share and pension benefits.
RSA also revealed that it paid outgoing finance director George Culmer, who is set to become the new finance boss of Lloyds Banking Group, a total of £703,000 – down from £1.15m in 2010.
Chairman John Napier said the pair’s pay packets were justified by a successful eight years in charge.
“Their departure terms reflect the goodwill of us all, the board and hopefully the shareholders, in marking a job well done,” he explained.
Haste launched an overhaul of RSA after taking over in 2003, selling off underperforming life insurance units and ring-fencing the group from potentially crippling <a href="http://www.fentons.co.uk/industrial-disease-claims/asbestos-claims/" target="_blank">asbestos-related claims</a>.
Simon Lee replaced Haste as the company’s chief executive last year and was paid a total of £1.15m for 2011.